charge you?
or do you think ,people should not go over the limit in the first place?
2007-10-30 08:50:13 · 28 answers · asked by I dont know 4 in Business & Finance ➔ Personal Finance
exactly why do they let people go over,why do they have that facility?
at the time,people think its great,money when they need at,and as long as the card goes,then fine.
2007-10-30 09:00:31 · update #1
voluntary-where would I get hold of the Maxed out documentary??
2007-10-30 09:26:45 · update #2
you sign the agreement, its up to you to not go over it... can't blame the bank, they don't make you spend more than you have...
2007-10-30 08:52:24 · answer #1 · answered by Anonymous · 1⤊ 0⤋
People should NOT go over the limit in the first place, but it's your choice. If you go over the limit, you'll be charged for it. Like taking out a mini-loan. Almost any time you are spending money that is not your own you will have to pay it back with interest. Be smart and only spend money if you have it!
"The borrower is servant to the lender." Proverbs (somewhere)
2007-10-30 15:55:26 · answer #2 · answered by debbie 4 · 1⤊ 0⤋
If you don't go over the limit, and you are aware of it, then you should be charged.
Go over the speed limit, you can be charged for speeding.
Same difference, as you know the rules in the first place. The only difference is that the bank will catch you every time.
2007-10-30 15:55:23 · answer #3 · answered by Steveo 5 · 1⤊ 0⤋
Yes it is right, the charge you get does cover the cost of you going over drawn. People think that it doest cost the bank anything but when you go over your limit it costs the bank loads because then you account needs to be looked at by a credit service and that takes time recorses and staff. They leave u go over your limit to save you the embarisment of your card getting declined and thigs so actually they are doing you a favour.
2007-10-31 07:34:32 · answer #4 · answered by Swansea 3 · 1⤊ 0⤋
whilst i can see the point that amny on here are trying to make about knowing your limit etc what happens when the following happens ( it used to happen to me regularly)
you inadvertently go over your limit and as soon as you notice you put cash in to bring back into your allowed limit. however the bank then deduct their charge for being over the limit, which puts you back over the limit, so they then charge you again. surely that cannot be right thats just daylight robbery by any other name.
also on numerous occasions whilst my account was already over the overdraft limit and before i was aware of it my bank would continue authorising each and every transaction presented including maestro transactions and merrily charging £35 for each and every one . i am sure that you can understand that if the bank do this 4/5 times in one week then it becomes a vicious circle which it is inceasing difficult to break free of.
hope this is of help to you in your query
2007-10-30 20:21:35 · answer #5 · answered by Anonymous · 1⤊ 0⤋
No it isn't right that they do this, but that is where they make most of their money. On the other hand it wouldn't hurt consumers to be more educated about credit and personal finance. You should watch the documentary Maxed Out (or read the book by the same title). It's about the credit industry - interesting stuff.
2007-10-30 16:04:34 · answer #6 · answered by voluntarheel 5 · 1⤊ 0⤋
the banks have a racket just like the mob. I am currently fighting a ?hacker? that cleaned out my account and left me $600 overdrawn. The bank charged me almost $200 over draft and when I went in and raised hell they filed a paper and said wait 3 weeks. If any legitimate business tried this the gov would be jumpin on them. I am a small business owner and deal with these gov assholes all the time!!
2007-10-30 15:56:54 · answer #7 · answered by Mike M 4 · 1⤊ 0⤋
I think it's the account holder's responsibility to not overdraw his account. If he does, then the bank is within its rights to charge interest and penalties. By the way, you can buy a DVD of Maxed Out on ebay for about $15.
2007-10-30 16:52:19 · answer #8 · answered by Kathryn 6 · 1⤊ 0⤋
Well, banks let people go over the limit because it gets them lots of money. It's not the bank's fault that people are in debt. Quite frankly, it's the fault of everyone who's careless enough to spend more than they earn.
2007-10-30 17:16:53 · answer #9 · answered by xfilesfan 7 · 1⤊ 0⤋
Yes; I think people should resist over limit charging.
The culprit in the interest rate is the private unconstitutional Federal Reserve Board.
They charge us their prime rate interest for the use of our own currency - with out investing a single dime of their own.
2007-10-30 15:58:18 · answer #10 · answered by Jonathan 3 · 1⤊ 0⤋
I agree with it. You make a contractual agreement with the bank for a certain limit. They allow you to go over for your own conveniences, but you will be penalized for it. If you cant manage your finances, then you shouldnt have a credit card. I think if people keep abusing it, they should close your account. But they dont!
2007-10-30 15:54:32 · answer #11 · answered by evanlah 6 · 1⤊ 0⤋